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by Stockwatch Business Reporter
New York spot gold rose $11.10 Thursday, closing at $1,826.50. The TSX Venture Exchange slipped 2.57 points to 908.35 while the TSX gold index added 2.23 points to 315.03. New Found Gold Corp. (NFG), a major gainer since it went public last summer, continues to retreat from its recent high of $9.70. The company's chart shows a familiar pattern, one of gradual declines interrupted by a northward spike triggered by a new round of high-grade assays from Queensway in Newfoundland. Today, in the absence of an assay bonanza, its stock lost 42 cents to $8.87 on 1.38 million shares.
Today's biggest loser was Michael Steinmann's Pan American Silver Corp. (PAAS), which thudded to a midday low of $35.60 before ending the day down $4.17 to $36.27 on 2.62 million shares. Late yesterday, Pan American revealed that it lost $7.56-million (U.S.) in its "challenging" first quarter. (The company racked up a $176.5-million (U.S.) profit last year.)
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